Obama seeks to cap retirement accounts so that no individual saves “more than is needed”

Obama’s budget plan, to be unveiled April 10, would prohibit taxpayers from accumulating more than $3 million in an individual retirement account. That proposal would generate $9 billion in revenue for the Treasury over the next decade, according to a White House statement released today.

“Under current rules, some wealthy individuals are able to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving,” the statement said.

Aren't there limits on what you can defer anyway? Can you get more than $3 million deferred if you have average annual returns? It seems like this is a bigger issue for people who are really good at picking stocks.